Sweden/Italy: $3.1B deal propels pharmaceutical consolidation

The world’s pharmaceutical industry continued its trend of consolidation Thursday as Sweden-based drug company Meda announced plans to acquire Italy’s Rottapharm for $3.1 billion.

Reports say the takeover marks the largest merger ever struck in Media’s history.

The pharmaceutical giant had earlier said that it prefers “to eat and not be eaten” in a global market that has seen a wave of M&A activity in recent months. According to reports, Meda has turned down a takeover offer by Mylan, based in the US.

Some industry experts had hoped Mylan would up its bid for the deal, but those hopes were dashed when Mylan acquired a portfolio from rival Abbott earlier last month.

Meda and Rottapharm expect to finalize the deal in the fourth quarter.

Full content: Reuters

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